BLOCKCHAIN: GETTING TO KNOW IT

Some of us may be quite familiar with the name of 'Bitcoin' as one of the most familiar cryptocurrency. But most of us not yet aware that 'Bitcoin' is implemented using 'Blockchain' technology as its platform.

Blockchain is the underlying technology that enables 'Bitcoin' network to operate in an open, autonomous, decentralized models, where trust is enforced through cryptography and not its participants (Biondi, et.al: 2016).

Blockchain is a technology that creates a distributed ledger of transaction on a network that is secure, tamper-proof, and easily accessible. It is a shared records of transaction, distributed over a network of users. Blockchain is made up of series of data blocks, each of which contains a set of transactions. Blocks are electronically chained together and locked with cryptography, and a public record of every transaction is established. The more blocks there are, the less probability exists that block can be altered (Biondi, et.al: 2016)

Some of blockchain features including:

Blockchain has the ability to disrupt many areas of business, one of it is financial services industry. Its development can result in new innovative products and services. 'Bitcoin' has taken the first disruption to currency. What will be next?

According to (Biondi, et.al:2016), Blockchain ecosystem in financial services industry consist of various aspect i.e:

By looking at its ecosystem, we know that there are so much potential financial products and services that can be created. Any activity or transaction can be turn into distributed activity. Blockchain can be used to store records of digital value (transactions, identities, assets, documents, properties) into an immutable ledger.

Examples of emerging Blockchain uses include:

Digital Currency

Proof of existence -- Takes any document and stores its cryptographic digest, including a timestamp, onto the blockchain to prove that the document existed at the given time.